Carrefour Israel Appoints New Executives Ahead of Stock Market Debut

Carrefour Israel is undergoing significant leadership changes approximately two months before its planned stock market IPO. Michael Luboshitz, who recently stepped down as CEO, will now serve as a business development advisor, rather than co-chairman as previously announced. This shift comes after an earlier decision in July to appoint him as co-chairman of Electra Consumer Products alongside current chairman Zvika Schwimmer. The upcoming IPO is speculated to be the reason for this further adjustment in roles.

Zvika Schwimmer commented on the situation, suggesting that competitors are attempting to thwart Carrefour's stock market listing. The company is also seeing new appointments in its senior management team under new CEO Einbal Harson. Danny Bezalel, formerly of Keshet Ta'amim, has joined Harson's team, and Rami Shtiwi, previously of Yohananof, has replaced Yaniv Cohen as head of trade. These changes follow earlier departures from senior positions within the company.

Meanwhile, Carrefour Israel's "State Basket" initiative, launched in cooperation with the Ministry of Economy, is expected to be canceled. The program, which began six months ago, is reportedly ending due to high operational costs and reduced profitability for the chain. An extension of the NIS 25 million advertising campaign is unlikely, especially given the upcoming election period. The Ministry of Economy is expected to release an official statement soon, though sources close to Economy Minister Nir Barkat claim the campaign is continuing as normal.

Luboshitz is credited with leading Carrefour Israel to profitability after years of operational losses, strengthening its financial standing for the IPO. The company's listing, anticipated in November, will place it alongside other Israeli food retailers already trading on the Tel Aviv Stock Exchange, such as Yohananof, Shufersal, Rami Levy, Victory, and Tiv Ta'am. Keshet Ta'amim has also recently announced its intention to go public.